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Research Frontiers Reports Second Quarter 2023 Financial Results and Will Host a Conference Call at 4:30p.m. Today

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WOODBURY, N.Y., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its second quarter and first half of 2023. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.

 Who: Joseph M. Harary, President & CEO
 Date/Time: August 3, 2023, 4:30 PM ET
 Dial-in Information:1-888-334-5785
 Replay: Available on Friday, August 4, 2023 for 90 days at https://smartglass-ir.com/
   

Key Comments:

1.Car models from Cadillac, Ferrari, McLaren and at least one other Asian car manufacturer are expected to be introduced into serial production in 2023, and additional automakers have begun projects using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs.
2.The Company’s fee income from licensing activities for the three months ended June 30, 2023 increased by 116% from second quarter of 2022, and fee income from licensing activity for the first half of 2023 increased by 67% as compared to the first half of 2022. This increase in fee income was primarily the result of higher royalties from the automotive and aircraft markets.
3.The Company expects revenue in all market segments to increase as new car models, aircraft, trains and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
4.At June 30, 2023, the Company had cash and cash equivalents and marketable securities of approximately $3.5 million, and working capital of $4.1 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations.
  

For more details, please see the Company’s Annual Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.

About Research Frontiers

Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to over 40 companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc. Celestiq is a trademark of General Motors.

CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com

RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Balance Sheets

  June 30, 2023
(Unaudited)
  December 31, 2022
 
Assets      
Current assets:        
Cash and cash equivalents $3,517,574  $4,230,916 
Royalties receivable, net of reserves of $1,158,450 in 2023 and$1,158,450 in 2022  666,157   589,599 
Prepaid expenses and other current assets  231,764   100,973 
Total current assets  4,415,495   4,921,488 
         
Fixed assets, net  53,031   65,388 
Operating lease ROU assets  250,201   323,509 
Deposits and other assets  56,066   56,066 
Total assets $4,774,793  $5,366,451 
         
Liabilities and Shareholders’ Equity        
         
Current liabilities:        
Current portion of operating lease liability $203,378  $196,405 
Accounts payable  45,787   71,079 
Accrued expenses and other  23,930   34,379 
Deferred revenue  12,794   - 
Total current liabilities  285,889   301,863 
         
Operating lease liability, net of current portion  163,825   267,723 
Total liabilities  449,714   569,586 
         
Shareholders’ equity:        
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,509,287 in 2023 and 33,150,396 in 2022  3,351   3,315 
Additional paid-in capital  127,634,493   127,150,027 
Accumulated deficit  (123,312,765)  (122,356,477)
Total shareholders’ equity  4,325,079   4,796,865 
         
Total liabilities and shareholders’ equity $4,774,793  $5,366,451 


RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)

  Six months ended June 30,  Three months ended June 30, 
  2023  2022  2023  2022 
             
Fee income $433,215  $259,339  $185,040  $85,511 
                 
Operating expenses  1,152,493   1,282,937   564,694   682,239 
Research and development  294,832   295,257   145,610   146,432 
Total expenses  1,447,325   1,578,194   710,304   828,671 
                 
Operating loss  (1,014,110)  (1,318,855)  (525,264)  (743,160)
                 
Net investment income (loss)  57,822   (51,331)  31,614   1,322 
                 
Net loss $(956,288) $(1,370,186) $(493,650) $(741,838)
                 
Basic and diluted net loss per common share $(0.03) $(0.04) $(0.01) $(0.02)
                 
Weighted average number of common shares outstanding  33,397,968   31,650,396   33,509,287   31,650,396 


RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)

For the six months ended June 30, 2022 and 2023

  Common Stock  Additional
Paid-in
  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
                
Balance, January 1, 2022  31,650,396  $3,165  $123,467,886  $(119,687,128) $3,783,923 
                     
Net loss  -   -   -   (1,370,186)  (1,370,186)
Balance, June 30, 2022  31,650,396   3,165   123,467,886   (121,057,314)  2,413,737 
                     
Balance, January 1, 2023  33,150,396  $3,315  $127,150,027  $(122,356,477) $4,796,865 
                     
Exercise of warrants  358,891   36   484,466   -   484,502 
Net loss  -   -   -   (956,288)  (956,288)
Balance, June 30, 2023  33,509,287  $3,351  $127,634,493  $(123,312,765) $4,325,079 


For the three months ended June 30, 2022 and 2023

  Common Stock  Additional
Paid-in
  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
                
Balance, March 31, 2022  31,650,396  $3,165  $123,467,886  $(120,315,476) $3,155,575 
                     
Net loss  -   -   -   (741,838)  (741,838)
Balance, June 30, 2022  31,650,396   3,165   123,467,886   (121,057,314)  2,413,737 
                     
Balance, March 31, 2023  33,509,287  $3,351  $127,634,493  $(122,819,115) $4,818,729 
                     
Net loss  -   -   -   (493,650)  (493,650)
Balance, June 30, 2023  33,509,287  $3,351  $127,634,493  $(123,312,765) $4,325,079 


RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)

  For the six months ended June 30, 
  2023  2022 
Cash flows from operating activities:        
Net loss $(956,288) $(1,370,186)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  13,661   14,409 
Realized (gain) loss on marketable securities  (26,375)  60,143 
ROU asset amortization  73,308   73,005 
Bad debt expense (recovery)  (5,000)  156,772 
Change in assets and liabilities:        
Royalty receivables  (71,558)  232,410 
Prepaid expenses and other assets  (130,791)  (142,424)
Accounts payable and accrued expenses  (35,741)  (22,063)
Deferred revenue  12,794   7,171 
Operating lease liability  (96,925)  (89,016)
Net cash used in operating activities  (1,222,915)  (1,079,779)
         
Cash flows from investing activities:        
Purchases of fixed assets  (1,304)  (1,067)
Purchases of marketable securities  (2,965,160)  - 
Sales of marketable securities  2,991,535   2,694,968 
Net cash provided by investing activities  25,071   2,693,901 
         
Cash flows from financing activities:        
Net proceeds from exercise of warrants  484,502   - 
Net cash provided by financing activities  484,502   - 
         
Net(decrease) increase in cash and cash equivalents  (713,342)  1,614,122 
         
Cash and cash equivalents at beginning of period  4,230,916   269,964 
Cash and cash equivalents at end of period $3,517,574  $1,884,086 


Research Frontiers Inc

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